Bitcoin Thread

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lol the order book is on fire-- 300 btc being sold at a time... so those big buy order are being wiped easily
 
*SynergyX* said:
lol the order book is on fire-- 300 btc being sold at a time... so those big buy order are being wiped easily
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Yeah it's whales vs whales. The ones pushing it up with big buy orders got eaten but they seem to have done their jobs. Price seems to have settled above $8200.
 
The run ran out of steam already. Too much sideways and didn't break $8300. Heavy resistance in that yellow area. So probably down next to around $7800.

WvbdkXPO



Edit: The bigger pink wedge is doing almost exactly the same thing as the smaller blue wedge from two weeks ago.

Ib4wxb2H
 
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Broke through but the volume died out very quickly. Expected a bigger spike after breaking such a long downtrend.

KEpILmxu
 
SaiyanZ said:
Broke through but the volume died out very quickly. Expected a bigger spike after breaking such a long downtrend.

KEpILmxu
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that was just a wick to clear short stops above 400...doubt the down trend breaks that easily

volume is low low low low...no conviction
 
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*SynergyX* said:
that was just a wick to clear short stops above 400...doubt the down trend breaks that easily

volume is low low low low...no conviction
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Yeah I think so. Looks like it's mostly stops that triggered as there are not many people buying now. The big wedge is also not valid then so it will probably fall a fair bit over the next week. Yesterday's run lost steam quickly and so did this one. Indicates no buyers in this region.

I also got out and am in cash now. Was waiting for $8700 to sell but after these last two weak pushes it probably won't happen.

Edit: On Bitstamp it didn't break through:

ysiidQEa
 
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only seems to have broken out of the wedge on bitfinex

so could still happen...waiting this one out
 
the wedge is reaching breaking point today...which direction is the question

also inverted h$S within the wedge could give it some much needed juice

and is it a breakout or fakeout this time....
 
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*SynergyX* said:
the wedge is reaching breaking point today...which direction is the question

also inverted h$S within the wedge could give it some much needed juice

and is it a breakout or fakeout this time....
Click to expand...

I think this breakout will have no power because it wasn't sync'd between exchanges. Looks like Bitstamp is already out of the wedge but no major spike or volume. So sideways/down from here is my best bet.
 
SaiyanZ said:
I think this breakout will have no power because it wasn't sync'd between exchanges. Looks like Bitstamp is already out of the wedge but no major spike or volume. So sideways/down from here is my best bet.
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all it takes is one whale...just one :)

still looks like its got some juice...break through 400 should be explosive
 
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I was at a random bar I didn't know about last night next to the Vaal River and they accepted Bitcoin, never seen that before.
 
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Upwards momentum is very low over the last few days and we are currently in no-mans-land. Think we might end up going down to around $7200 over the next week or two. Buyers should come in around that region.

1SC3hPZP
 
SaiyanZ said:
Upwards momentum is very low over the last few days and we are currently in no-mans-land. Think we might end up going down to around $7200 over the next week or two. Buyers should come in around that region.
Click to expand...
That's been my feeling for a while.

Something about that final move down to $7000'ish concludes the chart in a way that feels better. Be nice to make that move down, some nice sideways consolidation and than slowly start moving up. I don't want a $50k bitcoin by the end of the year - I'd prefer the price to move more rationally & organically and be whatever it is without it lapsing into a cycle of ridiculous runups and falls.

Wonder if we'll see a break up from this current pattern before going down.
 
The last few times it moved above the 4HR 50 MA after being beneath it for a while:

ma.png

It's right up against it now.
Possibly a nice little upward move if it breaks through, but longer I agree still back down further.
 
The more important thing for Luno traders in the next couple days is the Rand vs Dollar. It ranged from R12.20 to R12.80 last week. Currently just below R12.80. Depending on which way it goes early tomorrow morning we could have big swings on Luno even without any USD BTC price movement.

If the Rand strengthens vs the Dollar by a few percent and the USD BTC price also drops, we could be back at R100k very easily. Both are at a high vs the last week right now hence the main reason I am in cash.
 
shorts getting squeezed hard....

boom...writing was on the wall

ripped through 400 straight to 500.

retrace now and then up again... seems like that 7800 is postponed for now
 
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